F The Banks - Foreclose on Bank of America

[WyoSeeker]

I posted in another thread about a decision I made to stop making my mortgage payments to Bank of America as a way of stopping support of the monster devouring the world. This is a calculated risk on my part with a number of potential impacts to my lifestyle and checkbook, but I decided to take the step anyway beginning March 1.

I was encouraged today by the synchronicity of discovering this movement with apparently the same goals and timing so I thought I'd share!


There are two things every American needs to know about Bank of America.

The first is that it’s corrupt. This bank has systematically defrauded almost everyone with whom it has a significant business relationship, cheating investors, insurers, homeowners, shareholders, depositors, and the state. It is a giant, raging hurricane of theft and fraud, spinning its way through America and leaving a massive trail of wiped-out retirees and foreclosed-upon families in its wake.

The second is that all of us, as taxpayers, are keeping that hurricane raging.

http://fthebanks.org/

[Charlie Pecos]

Good for you. The only way to win is not to play. You will lose your house though. I lost mine, but then again- I don't pay BofA one red cent. Ever.

VLbWnJGlyMU

[WhiteFeather]

Nice, F em all those Sheisters.

[Lost Soul]

Good luck. Check your state laws. Most states hold the mortgager liable for money owed even after foreclosure.

[The Lawnman]

And when you peel the onion back on the financial world that has been created by the private banking cartels, you will be even more resolved to do something about it. Once you realize the Banks never made a loan, and worse, the house was paid for via an executory contract the moment you put your signature on the "Note", which was really a "Security" and handed it to the Title Co.; you will be even more resolved to dig deeper. The true character and nature of the relation between you and the bank is not as debtor/creditor, its really you as a third party beneficiary to the real estate investment trust, which is where your mortgage resides. Through their deceptive practices and public policy and a little help from the legal system, they have you convinced you borrowed the money and it must be paid back. The only reason the Banks get away this is because of our ignorance. Its time we all woke up from our sleep and get busy figuring this out.

[WyoSeeker]

Good luck. Check your state laws. Most states hold the mortgager liable for money owed even after foreclosure.

Thanks and good advice. This is true, one of the potential risks is a sale at auction with me being liable for any discrepancy between sale price and loan balance. Ultimately I suppose I could lose the house, my job and be forced to walk away from all my debt and live and work on a cash only basis.

On the other hand we could all wake up and make this whole financial bad dream go away before they kick me out. :)

[STATIC]

You are very brave for making a stand.


Ultimately I suppose I could lose the house, my job and be forced to walk away from all my debt and live and work on a cash only basis

sounds like freedom to me ;)

[Debra]

Incredibly brave! More power to you. You should put out a press release .. get some coverage. It might help wake up a few. Why not? You have gone this far. I am so impressed. I hope this turns out very much in YOUR favour WhySeeker. You deserve it.
By the way, is possession 90% of the law in the US?, in your state? Just asking, because you have grounds on that one to occupy your residence. I don´t know.

Zebra

[Hughe]

@WyoSeeker

End of slavery living in a modern city to me soon. I'll live as a farmer in a suburb town near the city. I thought about what would I get in city life few times. It leaded to the dead end. Living in an apartment means I'm a prisoner without little freedom. I need to pay almost everything because centralized city based on money not exchange of labor. Decent jobs are virtually disappeared in these days. Why do I work for the system that treats me a machine? Hell no. Bye bye.

I fix a deserted house on property, build a small garden, workshop. My goal is to make the house be off-grid. I gotta make some money to pay taxes and bills during the summer season, then I'll have long vacation for the winter.

[Ba-ba-Ra]

WyoSeeker, Did you see this article in Rolling Stone? According to them B of A is really in trouble and circling the drain. I hope they're right. http://www.rollingstone.com/politics/blogs/taibblog/bank-of-america-in-trouble-20120302

I'm just wondering - (I'm a retired escrow officer) - instead of losing your house, and I'm now assuming you have some equity in it and aren't upside down - why don't you refinance with a small local bank? Giving over your house to BofA is still giving them lots of money. I don't see the reasoning here.

On the other hand, if you are upside down with your mortgage to house value, if you play your cards right, you could live there for free for several years. Here in Calif. I know several couples who have done this, but you have to "act" as if you're working with the bank. The banks are so far behind in their foreclosure transactions that they can't stay on top of them. Also, look into the fact if there was electronic signatures involved. If so, you can join in the Class Action Lawsuit and could live where you are rent free or mortgage free for some time. Good luck!

[scanner]

You are a MAN amoungst men , best of luck .

[spiritguide]

Good luck on your endeavors Wyoseeker, put your money in a credit union and just don't do any business with any national banks. As a matter of fact put the equivelant of your mortgage payment into the credit union and if eventually you get evicted then you will have enough to rent a house. There are many rural homes for rent these days. Two things to keep in mind for you is; (1) keep paying your prorepty taxes and (2) most smart purchasers are not buying forclosed properties because of the certainty of who really owns the property. The banks are selling forclosed properties and they do not own them legally.

[The Lawnman]

There is a lot of good information out there that can help you fight the foreclosure. These banks don't have standing to foreclose for a lot of different reasons. The problem is that most people don't fight it. (96%) of all foreclosure go uncontested.

"Banks that are Nation Association banks are governed by the OCC. And according to the OCC the trustee are not the owner of the Loans and therefore lack standing to foreclose. To understand why the OCC says that the Trustee’s of securitized trusts do not own the loans:" http://dtc-systems.net/wp-content/uploads/2011/01/OCC_Letter-BanksDontOwnLoans.pdf

[WyoSeeker]

WyoSeeker, Did you see this article in Rolling Stone? According to them B of A is really in trouble and circling the drain. I hope they're right. http://www.rollingstone.com/politics/blogs/taibblog/bank-of-america-in-trouble-20120302

I'm just wondering - (I'm a retired escrow officer) - instead of losing your house, and I'm now assuming you have some equity in it and aren't upside down - why don't you refinance with a small local bank? Giving over your house to BofA is still giving them lots of money. I don't see the reasoning here.

On the other hand, if you are upside down with your mortgage to house value, if you play your cards right, you could live there for free for several years. Here in Calif. I know several couples who have done this, but you have to "act" as if you're working with the bank. The banks are so far behind in their foreclosure transactions that they can't stay on top of them. Also, look into the fact if there was electronic signatures involved. If so, you can join in the Class Action Lawsuit and could live where you are rent free or mortgage free for some time. Good luck!

Thanks for the thoughtful reply and some good points. I have no equity in the house being 3 years into a 30 year mortgage and declining house values and all. The demographics of the house also make it a very difficult sell. It's high priced for the area and has a lot of square footage but not many bedrooms so not suited for a large family.

The previous owner went bankrupt, the house was foreclosed and I purchased it out of those proceedings. It was refinanced when interest rates dropped and even though I originated all loans with my locally owned bank at some point I've written checks to a half dozen banks as the loan got sold and transferred. It's anybody's guess what the state of the deed is and if it would be possible given the MERS mess to prove who owns the house.

[WyoSeeker]

There is a lot of good information out there that can help you fight the foreclosure. These banks don't have standing to foreclose for a lot of different reasons. The problem is that most people don't fight it. (96%) of all foreclosure go uncontested.

"Banks that are Nation Association banks are governed by the OCC. And according to the OCC the trustee are not the owner of the Loans and therefore lack standing to foreclose. To understand why the OCC says that the Trustee’s of securitized trusts do not own the loans:" http://dtc-systems.net/wp-content/uploads/2011/01/OCC_Letter-BanksDontOwnLoans.pdf

I haven't seen any clear legal precedent. Guess I'd need to find a lawyer willing to take on a cause.